Standard Chartered agrees to acquire crypto custody firm Zodia Custody

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Standard Chartered acquires Zodia Custody

How Zodia Custody's business will change

Following the acquisition, Zodia Custody's digital asset custody business will be integrated into Standard Chartered's Securities Services division. This will allow the bank to combine digital asset custody services with its existing infrastructure for institutional investors.

Meanwhile, Zodia's technology business, including software development and professional services, will be spun off into a separate company called Zodia Solutions. It will operate under the bank's venture capital arm, SC Ventures.

Standard Chartered will become one of the new company's customers. Its investors will also include Northern Trust, NAB Ventures, SBI Ventures, and Emirates NBD Bank.

Negotiations over the acquisition of Zodia Custody had been underway for several months. In May, the company's shareholders and noteholders accepted a preliminary, non-binding offer from Standard Chartered.

The parties initially expected to sign a definitive agreement by the end of June and complete the transaction by the end of August. However, the process took longer than anticipated. Zodia Custody also underwent a leadership change in September, when CEO Julian Sawyer stepped down and former Chief Revenue Officer Richard Clark took over.

Standard Chartered expands its cryptocurrency business

The acquisition of Zodia Custody marks another step in Standard Chartered's expansion into digital asset services. The bank is strengthening its own cryptocurrency custody infrastructure while expanding its presence in key international markets.

In early October, Standard Chartered announced plans to launch cryptocurrency custody services in Singapore by the end of 2026. The new offering is aimed at clients seeking access to digital assets through regulated financial institutions.

Zodia Custody has also continued expanding internationally. In June, the company obtained a payment institution license in Luxembourg, allowing it to provide regulated stablecoin custody and transfer services across the European Union.

The acquisition will therefore enable Standard Chartered to combine its banking capabilities with Zodia Custody's cryptocurrency infrastructure and broaden its range of services for institutional investors.

Major global banks expand cryptocurrency services

More international banks are entering the digital asset market, offering clients cryptocurrency trading, custody, and transfer services. Financial institutions are gradually moving beyond blockchain experiments toward fully developed commercial products. They are placing particular emphasis on wealthy and institutional clients who want to access digital assets through familiar banking infrastructure without dealing directly with cryptocurrency exchanges.

For example, Deutsche Bank announced in September that it plans to launch a digital asset custody service for institutional and corporate clients in Europe by the end of 2026. Standard Chartered is also expanding its cryptocurrency offerings. In October, the bank introduced a service allowing affluent clients in the UAE to buy and sell Bitcoin and Ethereum directly through their existing bank accounts.

As a reminder, Standard Chartered has postponed its stablecoin market forecast.

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